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by jbob2000
2949 days ago
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I'm not sure about the US, but in Canada, these companies would not be allowed to accept deposits or facilitate withdrawals; they could never "become banks". Our banking act and recent revisions are in place to protect a foreign entity from holding Canadian citizen's money hostage and shielding them from exterior economic impact (We fared very well in 2008 because of these regulations!). The most they could do is be a fancy wrapper around the bank's own software. |
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